TUC: Bank of England should cut interest rates next week

Commenting on ONS figures showing GDP falling by 0.1% in the three months to October 2025, TUC General Secretary Paul Nowak said:  

“Bringing our economy back on track after 14 years of Tory chaos was never going to be straightforward. A volatile international context is not making this job any easier.   

“After years of falling living standards, consumer spending is still very weak.  

“The Government acted to boost household incomes at the Budget – it raised minimum wage, benefitting millions across the country, cut child poverty and funded energy payments to support living standards.  

“The Bank of England should now recognise the impact that the living standards crisis has had on families’ and businesses’ finances and spending - and must deliver further cuts in interest rates next week” 

ENDS 

Notes to editors: 

- About the TUC: The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together the 5.3 million working people who make up our 47 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.